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The Australian Dollar has been on the back foot following several blows. What’s next?

Here is their view, courtesy of eFXdata:

NAB discusses AUD/USD technical outlook and maintains a neutral bias in the near-term.

“Since mid-January, interim range breakouts, both up and down, have been quickly reversed. As such a daily close above the mid-February low at 0.7054 would imply another failed interim decline. Price has broken below the daily cloud base (0.7068) this week, after multiple attempts in the recent weeks. Interim resistance now at 0.7065/75…A weekly close at or above 0.7085 will be cause to maintain our modestly bullish forecasts,” NAB notes.

“From a technical analysis perspective this is a difficult point in time with much conflict in the charts. Hoping to see some clarity in the weekly close,” NAB adds.